Skip to main content

Bank of America and Wells Fargo gouging - Jerry Brown should step in

California Attorney General Jerry Brown should look into this. According to The Associated Press via The Huffington Post, Wells Fargo was ordered to pay $205 million to its customers as part of a successful class-action lawsuit.

What Wells Fargo was doing was allowing debit purchases to go through when a customer's account was overdrawn. But Bank of America has the same practice, and this blogger experienced it after a client bounced a check.

What Bank of America does is pile on one payment when you're overdrawn, thus triggering another overdraft charge and making more money from it. Then, when the non-paid vendor tries to collect again, the Bank of America issues a second overdraft charge!

My sources in and out of Bank of America have confirmed this problem. In other words, Bank of America has practiced the same process Wells Fargo was accused of and is now ordered to pay its customers back to settle.

U.S. District Judge William Alsup accused Wells Fargo of profiteering

According to the AP, U.S. District Judge William Alsup, who's in the Northern District Court of California in San Francisco, accused Wells Fargo of profiteering, specifically "Internal bank memos and e-mails leave no doubt that, overdraft revenue being a big profit center, the bank's dominant, indeed sole, motive was to maximize the number of overdrafts."

In this blogger's experience with his Bank of America account, there were as many as not one, but three overdraft penalties drawn in one day, and four in two days, separated by the weekend, from two vendors!

What should happen is simple: one overdraft penalty for one charge unpaid. That's it. Bank of America should be the focus of California Attorney General Jerry Brown's gaze, and sooner rather than later.

Comments

Popular posts from this blog

Alex Castro, Electronic Arts VP, Is Oakland’s “Fake Joe Tuman”, “Crocker Mom”

Alex Castro, is currently Vice President Of Product Management At Electronic Arts, and a fairly-well-known and legendary tech executive, regularly quoted in a number of industry publications. But Alex Castro’s also an Oakland resident who has the terrible habit of going online, making traceble email accounts from his Electronic Arts office, and posing as someone […] from WordPress http://ift.tt/1fVkWP9 via IFTTT

Interview: Imani, Chef Owner of Roasted and Raw RoastedRaw.com, For Oakland Restaurant Week 2023

Interview: Imani, Chef Owner of Roasted and Raw RoastedRaw.com, For Oakland Restaurant Week 2023 Interview: Imani, Chef Owner of Roasted and Raw RoastedRaw.com, For Oakland Restaurant Week 2023. Imani Greer gets a highlight in The Oakland Post: Chef Imani Greer, a culinary entrepreneur, has created quite a stir — and menu — for the Bay Area’s vegan-loving community with the opening of his new Roasted and Raw (R&R) restaurant near Oakland’s Jack London Square. I am proud to welcome him to Zennie62Media for Oakland Restaurant Week 2023. Stay tuned. via YouTube https://www.youtube.com/watch?v=8QvMqVWLAH4

Event: Jog For Jill San Francisco Run September 12th Golden Gate Park

Cal Women's Rowing Team member Jill Costello passed away from complications due to lung cancer on June 24th 2010 and at the age of 21. A San Francisco event and run called Jog For Jill has been established and will be held this Sunday, September 12th at 5 PM. Two members of the Cal Women's Crew team were at the Cal vs. Davis football game wearing Jog For Jill shirts, and were kind enough to provide the video interview above. Below are the other details from the event website, where you're encouraged to pre-register here CLICK FOR SITE : Pre-Registration: Online/$25 Day of Registration: 4:00 p.m./$30 Shotgun Start: 5:00 p.m. After run/walk celebration: 6:00 p.m.- 8:30 p.m. Event Location: Golden Gate Park Music Concourse Bandshell S Tea Garden Drive San Francisco, California 94118 Participants are encouraged to pre-register. Only pre-registered participants will be guaranteed a walk/run T-shirt. T-shirts will be limited to the first 2500 day of regis